Structural changes, market concentration and vertical integration: would they lead to more stable markets

This communication is concerned with three major developments that are likely to have significant impact on the future structure of world oil markets: oil company mergers and acquisitions, shift of exploration and production activity from the United States to overseas, and joint venture agreements between producing countries and oil companies aimed at further downstream integration by OPEC. The last two developments are likely to contribute substantially to price and market stability in the future